Marathon Petroleum beats Q3 profit - Reuters
Marathon Petroleum beats Q3 profit | Reuters
Marathon Petroleum beats Q3 profit
A nighttime view of Marathon Petroleum's Los Angeles Refinery, which processes domestic & imported crude oil into gasoline, diesel fuel, and other refined petroleum products, in Carson, California, U.S., March 11, 2022. REUTERS/Bing Guan Acquire Licensing Rights
- Companies
Oct 31 (Reuters) - Marathon Petroleum (MPC.N) beat estimates for third-quarter profit on Tuesday, as the refiner benefited from strong demand for fuel and refined products amid tight supplies.
Demand for refined products remained high during the quarter after voluntary production cuts from top OPEC+ oil producers Saudi Arabia and Russia, low levels of crude stockpile in the U.S. and increased exports kept supplies tight.
The top U.S. refiner said crude capacity utilization was 94%, resulting in a total throughput of 3 million barrels per day (bpd) for the reported quarter.
The Findlay, Ohio-based refiner reported an adjusted net income of $8.14 per share, for the three months ended Sept. 30, compared with analysts' average estimate of $7.75 per share, according to LSEG data.
Reporting by Arunima Kumar in Bengaluru; Editing by Shweta Agarwal
Our Standards: The Thomson Reuters Trust Principles.
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.